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NEW YORK – Cathie Wood, CEO of Ark Invest, confirmed her optimistic predictions for , suggesting that the cryptocurrency could reach between $1 million and $1.5 million per coin under a bullish scenario. In an interview with The Wall Street Journal today, Wood cited the doubling of bitcoin’s value since the start of the year as a key driver of her optimistic forecast. This increase is largely attributed to growing anticipation of the approval of an exchange-traded fund (ETF) for bitcoin.
Ms. Wood’s baseline estimates put bitcoin at $650,000, underscoring her confidence in the future of the digital asset. She believes the decentralized nature and resilience of bitcoin has been highlighted by the bankruptcies last year of major crypto entities such as FTX, Celsius and Three Arrows. These events have seemingly strengthened the cryptocurrency’s robustness in the face of industry turmoil.
Earlier today, during a chat with Yahoo! Finance, Ms. Wood elaborated on her views, describing bitcoin as the world’s first, digital, private, rules-based monetary system. She contrasted this system with current global monetary policies and highlighted bitcoin’s limited supply and growing institutional interest as key factors in supporting her prediction.
Ms. Wood also discussed Ark Invest’s collaboration with 21Shares to launch digital asset ETFs and expressed optimism about the U.S. Securities and Exchange Commission’s (SEC) approval of an ETF. on bitcoin. She believes that the SEC’s approval would not only boost institutional confidence but also have a significant impact on Bitcoin’s adoption rate and market capitalization.
Additionally, Ms. Wood discussed the ongoing lawsuit between Coinbase Global Inc (NASDAQ:). and the SEC, expressing confidence in Coinbase’s ability to appeal effectively, potentially all the way to the Supreme Court if necessary.
Investors are closely following these developments, as they could pave the way for broader acceptance and integration of Bitcoin into traditional investment portfolios. Notably, the potential approval of a Bitcoin spot ETF is seen as an important step that could make it easier for average investors to access and contribute to a further rise in the price of the leading cryptocurrency.
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